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Vanguard is talking about electronic trading. Vanguard specifically states the time horizon is 10-15 years. HFT began in U.S. Stock in 2007. The biggest impact Vanguard experienced…

Internalizers use both. The give retail the slower price, and buy and sell on their own account at the faster price. Nanex has uncovered a document from the NYSE stating that this …

In 2010, internalizers ABSOLUTELY, WITHOUT QUESTION, priced retail investor orders with SIP prices (the feed that got way behind). What the NYSE was doing: ABSOLUTELY. POSITIVELY. …

I welcome debate over specific topics. I demand specific examples from wild accusations. Since I've published over 3000 pages (and have never had to retract a single page), you hav…

You are making straw man arguments. While I'm happy to discuss what the SIP should be in an ideal world, the topic at hand is what is current law. For those that don't know, it's R…

"That is all that was determined." Do you work for the SEC? Because only the SEC knows what I sent them. If you do work for the SEC, then you have some explaining to do. If you don…

This is incorrect. We destroyed a Barron's article for making similarly false claims and we back it up with solid data: http://www.nanex.net/aqck2/4685.html We even caught Barron's…

When the going gets tough, the questions are dumb? This is the hallmark of lobbyist talk.

Please point to the exact paragraph in Reg NMS that backs up your story. To those reading, don't waste your time awaiting an answer because there is no such paragraph in Reg NMS. T…

It is a common fallacy that retail orders ever go to stock exchanges. This is a good way to determine someone telling the truth. Here's proof: http://www.nanex.net/aqck2/4704.html

Internalizers (Citadel) are the beneficiaries - as well as those competing for the top of the queue on every price shift. It would disappear quickly if it were just a bug. Then of …

Really, are you that naive to how the markets work? Intenalizers - Citadel for example, give retail traders prices based off the SIP and buy/sell on direct. Whenever there's a pric…

You are referring to direct feed content, I was explaining (in the interview) direct feed speed and content. Who buys a direct feed for a speed advantage and then doesn't colocate?…

This is the SEC filing with proposed fees http://www.sec.gov/rules/sro/nysemkt/2013/34-70285.pdf

Here's an animation showing the SIP vs Direct Feed issue: http://www.nanex.net/aqck2/4599.html Much of the games being played no would no longer work if the SIP was the defacto sou…